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Powerball Annuity Jackpot Analysis for Iowa

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The Powerball annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $176,000,000 would be for a resident of Iowa, including taxes withheld.

Please note, the amounts shown are very close approximations to the amount a jackpot annuity winner would receive from the lottery every year.  They are not intended to specify the final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

Iowa

Drawing Date:  Sat, Feb 13, 2016
Jackpot:$176,000,000
Federal Tax:  25%
State Tax:5.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,649,053$662,263$132,453$1,854,337
2$2,781,505$695,376$139,075$1,947,054
3$2,920,580$730,145$146,029$2,044,406
4$3,066,610$766,652$153,330$2,146,627
5$3,219,940$804,985$160,997$2,253,958
6$3,380,937$845,234$169,047$2,366,656
7$3,549,984$887,496$177,499$2,484,989
8$3,727,483$931,871$186,374$2,609,238
9$3,913,857$978,464$195,693$2,739,700
10$4,109,550$1,027,388$205,478$2,876,685
11$4,315,028$1,078,757$215,751$3,020,519
12$4,530,779$1,132,695$226,539$3,171,545
13$4,757,318$1,189,329$237,866$3,330,122
14$4,995,184$1,248,796$249,759$3,496,629
15$5,244,943$1,311,236$262,247$3,671,460
16$5,507,190$1,376,798$275,360$3,855,033
17$5,782,550$1,445,637$289,127$4,047,785
18$6,071,677$1,517,919$303,584$4,250,174
19$6,375,261$1,593,815$318,763$4,462,683
20$6,694,024$1,673,506$334,701$4,685,817
21$7,028,725$1,757,181$351,436$4,920,108
22$7,380,161$1,845,040$369,008$5,166,113
23$7,749,169$1,937,292$387,458$5,424,419
24$8,136,628$2,034,157$406,831$5,695,639
25$8,543,459$2,135,865$427,173$5,980,421
26$8,970,632$2,242,658$448,532$6,279,443
27$9,419,164$2,354,791$470,958$6,593,415
28$9,890,122$2,472,531$494,506$6,923,085
29$10,384,628$2,596,157$519,231$7,269,240
30$10,903,860$2,725,965$545,193$7,632,702
Total$176,000,000$44,000,000$8,800,000$123,200,000
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